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Auditors’ Report
To,
The Members of Glenmark Pharmaceuticals Limited
1. We have audited the attached Balance Sheet of Glenmark Pharmaceuticals Limited, (the ‘Company’) as at 31 March
2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed
thereto (collectively referred as the ‘financial statements’). These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003 (the ‘Order’) (as amended), issued by the Central
Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the ‘Act’), we enclose
in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to above, we report that:
a. We have obtained all the information and explanations, which to the best of our knowledge and belief were
necessary for the purposes of our audit;
b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears
from our examination of those books;
c. The financial statements dealt with by this report are in agreement with the books of account;
d. On the basis of written representations received from the directors, as on 31 March 2011 and taken on record
by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2011 from being
appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Act;
e. In our opinion and to the best of our information and according to the explanations given to us, the financial
statements dealt with by this report comply with the accounting standards referred to in sub-section (3C) of
section 211 of the Act and the Rules framed thereunder and give the information required by the Act, in the
manner so required and give a true and fair view in conformity with the accounting principles generally accepted
in India, in the case of:
i) the Balance Sheet, of the state of affairs of the Company as at 31 March 2011;
ii) the Profit and Loss Account, of the profit for the year ended on that date; and
iii) the Cash Flow Statement, of the cash flows for the year ended on that date.
For Walker, Chandiok & Co.
Chartered Accountants
Firm Registration No: 001076N
Per Khushroo B. Panthaky
Partner
Membership No: F – 42423
Place: Mumbai
Date: 10 May 2011
Annual Report 2010-2011 49